Weekly Energy News | Three departments deploy hydrogen energy comprehensive application pilot; reports say Tesla plans to purchase Chinese photovoltaic equipment

This week (March 16–March 20), the Ministry of Industry and Information Technology and two other departments jointly issued a notice on carrying out pilot programs for comprehensive hydrogen energy application; reports that Tesla has been “scooping up” China’s photovoltaic (PV) industry have also seen follow-ups, with market rumors claiming that Tesla’s team plans to procure China’s PV equipment on a large scale.

I. Policy Headlines

Three Departments Roll Out Plans for Pilot Programs on Comprehensive Hydrogen Energy Applications

According to the Ministry of Industry and Information Technology’s website, on March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice on carrying out pilot programs for comprehensive hydrogen energy application. The notice proposes that the three departments will use a “bid-by-showing-competence” approach to select city clusters with strong industrial foundations, abundant application scenarios, strong capability to guarantee hydrogen energy resources, and a complete industrial chain to be the first to carry out pilot programs for comprehensive hydrogen energy applications. It calls for scientific, orderly, and proactive exploration of pathways for the commercial integrated application of hydrogen energy, improving the policy environment for industrial development, and promoting integrated development and connectivity across the whole hydrogen energy industry chain for “production, storage, transport, and use.”

The notice states that by 2030, city clusters will achieve large-scale applications of hydrogen energy across multiple sectors, with the average end-user hydrogen price falling to below 25 yuan per kilogram, and striving to reduce it to around 15 yuan per kilogram in certain advantageous regions. The nationwide fleet of fuel cell vehicles will more than double compared with 2025, aiming to reach 100,000 units. By expanding application scale, it will promote breakthroughs in innovation in hydrogen application technologies, processes, and equipment, enabling iterative upgrades of fuel cells, electrolyzers, storage and transport equipment, materials, and more, and drive hydrogen energy to become a new economic growth point, supporting the comprehensive green transformation of economic and social development.

National Energy Administration: Total Electricity Consumption by the Whole Society Increased 6.1% YoY in January–February This Year

On March 17, the National Energy Administration released data on total electricity consumption by the whole society for January–February. In January–February, total electricity consumption by the whole society accumulated 16,546 billion kWh, up 6.1% year over year. By electricity use sector, first industry consumption was 22.3 billion kWh, up 7.4% YoY. Second industry consumption was 1,027.9 billion kWh, up 6.3% YoY, including industrial electricity consumption up 6.4% YoY, and high-tech and equipment manufacturing electricity consumption up 10.6% YoY. Third industry consumption was 323.1 billion kWh, up 8.3% YoY, including electricity consumption growth rates for charging and swapping service industries and internet data service industries of 55.1% and 46.2%, respectively. Residential electricity consumption in urban and rural areas was 281.3 billion kWh, up 2.7% YoY.

II. Company Developments

A Subsidiary Named on a 315 Evening Gala; Dui Fei Duo Responds

On March 16, Dui Fei Duo (002407.SZ) disclosed an announcement explaining matters related to media reports. The announcement said that on March 15, Dui Fei Duo noticed a report by the “3·15” program team of China Central Television. The reporters’ investigation found that Shu Fu Xiang and Zeng Qiao Foods, among others, used hydrogen peroxide to bleach and rehydrate chicken feet during production, involving hydrogen peroxide sales business of Yi Feng Electronics. After the company’s investigation, Yi Feng Electronics had not established any form of business cooperation, brand authorization, or product production relationship with the Shu Fu Xiang and Zeng Qiao Foods mentioned in the media report. Its production and sales activities have no connection whatsoever with the company or its controlling subsidiaries. Dui Fei Duo said Yi Feng Electronics is a controlling subsidiary of the company. In 2025, operating revenue was 31.152 million yuan, with net profit of -3.3872 million yuan, representing a relatively low share of the company’s consolidated revenue and net profit. Revenue accounted for less than 1% (2025 data not audited).

Nanzhou Grid Energy Storage Plans to Invest 7.379 Billion Yuan to Build New Feng Pumped-Storage Power Station in Guangdong

On March 16, Nanzhou Grid Energy Storage (600995.SH) disclosed an announcement stating that the company plans to invest in and build the Guangdong Xinfen pumped-storage power station, with planned installed capacity of 1.2 million kW and a total dynamic investment amount of approximately 7.379 billion yuan, of which 20% will be project capital and 80% will be bank loans.

Nanzhou Grid Energy Storage said that investing in and building the Guangdong Xinfen pumped-storage project aligns with the company’s strategic deployment and planning objectives and is beneficial for further expanding its main business, strengthening the company’s core competitiveness. The investment will not have a material impact on the company’s revenue or profit for the current year, and there is no situation that would harm the interests of the company and all its shareholders, especially small and medium shareholders.

Lanxiao Technology Terminates a 25 Million USD Sales Contract for Battery-Grade Lithium Carbonate Extraction and Processing Equipment

On March 16, Lanxiao Technology (300487.SZ) disclosed an announcement about the termination of a routine operating contract related to lithium extraction from salt lakes. The announcement shows that the company’s “3,000-ton battery-grade lithium carbonate extraction and processing equipment sales contract” signed with HANACOLLA S.A. (referred to as the “Sales Contract”) was mutually and amicably terminated by both parties as the overall project planning changed, effective upon agreement. The contract amount was 25 million USD.

The announcement shows that both parties agreed that the Sales Contract would be terminated as of the date the “Termination Agreement” is signed. Within three business days from the signing date of the Termination Agreement, HANACOLLA will pay the company 1.5 million USD; HANACOLLA will waive the right to demand the company refund the 2.5 million USD advance payment already paid. Lanxiao Technology said that the signing of this Termination Agreement will not have a material impact on the company’s current operating performance or financial condition, and there is no situation that would harm the interests of the company and all its shareholders.

Haili Wind Power: Signs a Sales Contract for 1.085 Billion Yuan Wind Turbine Foundation Jacket Legs

On March 17, Haili Wind Power (301155.SZ) announced that the company has recently signed a sales contract with a customer, planning to sell wind turbine foundation jacket legs and related components and provide related supporting services. The total contract value (including tax) is 1.085 billion yuan.

Haili Wind Power said that as of the date of disclosure of the announcement, within the past 12 consecutive months, the company has signed multiple sales contracts with the same customer for the same domestic deep-sea series project. The cumulative contract amount (including tax) reached 1.692 billion yuan (including this contract). The contract performance mainly includes: providing steel pile fabrication and construction for wind power generator sets for the customer, construction of the lower part of an offshore converter station (including pile foundations), construction of wind turbine foundation jacket legs and related components, and so on.

LONGi Green Energy: Completed the Acquisition of Suzhou Jingkong

An investor relations activity record announcement disclosed by LONGi Green Energy (601012.SH) on March 17 shows that the company has now completed the acquisition of Suzhou Jingkong Energy Co., Ltd. (hereinafter “Suzhou Jingkong”). Suzhou Jingkong has always adhered to technological innovation and product R&D, creating differentiated competitive advantages. It has independently developed products including power management systems and energy storage systems. After the acquisition is completed, the company will strengthen business integration, fully leverage synergy effects, and provide customers with comprehensive green energy solutions.

This acquisition can be traced back to November 13, 2025. At that time, the Shaanxi Provincial Administration for Market Regulation released a public notice of a simplified case regarding a concentration of business operators. LONGi Green Energy planned to obtain approximately 61.9998% of the voting rights of Suzhou Jingkong, making it the controlling shareholder. According to information on the company’s official website, the company was established in 2015 and has continuously deepened R&D and innovation in three major business areas: power supply system, intelligent energy storage system, and hydrogen fuel cell system. As of now, the company has 31 GWh of self-owned production capacity worldwide, and the company’s grid-connected volume exceeds 12 GWh.

Tongwei Co., Ltd. Signs a 1GW Module Agreement with Poland’s Largest Distributor

Late on March 17, Tongwei Co., Ltd. (600438.SH) published a news update on its official WeChat account stating that recently, Tongwei and Poland’s largest PV distributor KENO officially signed a 1GW module cooperation agreement. The person in charge of Tongwei’s PV commercial module marketing for Eastern Europe and the Americas, Jì Wèihuá, signed on behalf of Tongwei, and KENO Chief Executive Officer Paweł Grzegorczyk signed on behalf of KENO.

Tongwei Co., Ltd. said that this cooperation will further deepen Tongwei’s deployment in the European market, accelerate the promotion and rollout of high-efficiency modules in the Eastern European region, and provide solid product support for the local energy transition. It is understood that the cooperation between the two sides began in 2020. In 2024, they launched a half-cut module product cooperation, and in 2025, they upgraded to a comprehensive strategic partner relationship, covering cooperation in areas such as product supply, market expansion, channel coordination, and more.

Hiboss Vision: Energy Storage Assets Expected to Reach 35GWh to 40GWh by End of 2026

On March 18, an investor relations activity record table announcement disclosed by Hiboss Vision shows that the company plans to gradually transform from an energy storage equipment manufacturer into a comprehensive energy service provider of “energy storage system manufacturing + services.” By the end of the first quarter of 2026, the energy storage assets operated and maintained by the company will exceed 10 GWh, and by the end of 2026 are expected to reach 35 GWh to 40 GWh.

Canadian Solar (CSIQ): Net Revenue in Q4 2025 Was 1.2 Billion USD, Down 20% YoY

On March 19, Canadian Solar announced that the number of module shipments with revenue recognized by the controlling shareholder CSIQ in Q4 2025 was 4.3 GW, down 16% quarter over quarter and down 47% year over year. Net revenue in Q4 2025 was 1.2 billion USD, down 18% quarter over quarter and down 20% year over year, mainly due to reduced sales of solar modules and battery energy storage systems. Gross profit in Q4 2025 was 124 million USD, compared with 256 million USD in Q3 2025 and 217 million USD in Q4 2024. Under U.S. generally accepted accounting principles (GAAP), Canadian Solar’s net loss attributable to it in Q4 2025 was 86 million USD.

Is Tesla Planning to Procure China’s PV Equipment? Corporate Response: Yes, This Is True

According to Shell Finance, on March 20, a market rumor said that Tesla’s team plans to procure China’s PV equipment on a large scale, involving several listed companies. On the morning of March 20, a PV company confirmed the above information and revealed that the contract scale is on the gigawatt level.